Chainlink became the most profitable cryptocurrency in August

Chainlink LINK $23.56 Chainlink -7.22% Market capitalization $15.97 billion VOL. 24 hours $0.34 billion started the new week with a strong jump — the LINK token grew by more than 5%, continuing the trend of the first half of August. The coin’s total gain since the beginning of the month has already reached 69%, making it one of the best performing assets in August.

The price increase was accompanied by a 12% jump in dominance, which rose to 0.45%, a level last seen in February. This confirmed that Chainlink has become one of the main recipients of liquidity amid capital rotation in the crypto market.

According to Coinglass, on Sunday, LINK recorded the largest daily net spot inflows since the beginning of the year — almost $ 28 million. For comparison, just a few days earlier, the asset lost $ 41 million in the spot segment. On the derivatives market, trading volume exceeded $ 5 billion, which was a record, and open interest rose to $ 1.75 billion.

The exchange rate was fundamentally supported by several factors: the strengthening of Chainlink’s position in the real-world asset (RWA) tokenization segment, as well as the launch of the LINK redemption reserve program. An additional impetus was provided by institutional investors and large players («whales») who increased demand.

At the same time, analysts warn of risks. During the recent market movements, more than $ 10 million of long positions have already been liquidated and about $ 6 million of shorts have been liquidated. LINK may face strong resistance near the $ 27 mark, where the current cup-and-handle pattern ends. Whether demand will remain above this level remains an open question.